John Bolton

John Bolton

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Thursday, March 15, 2012

Oil from Strategic Reserve Not a Solution to High Gas Prices

Too bad Obama has vetoed the long term energy solutions that WOULD lower gas prices!

How many times in the last week have we heard some variation from the White House that Obama is not to blame for high gas prices? According to Obama's apologists, it's not his fault and he can't do much to change the situation. Here's Obama in his own words recycling the same rhetoric that there is "no silver bullet" to bring down energy prices:

Obama to release oil from Strategic Reserve?

Even though Obama has repeatedly said that high gas prices are not his fault and claimed that he can't do much to help, the political ground has shifted under Obama's feet and all of a sudden his Administration is talking about a release from the Strategic Petroleum Reserve. The Reserve is intended for disruptions in supply during a national emergency and could pump more than 4 million barrels of oil per day into the U.S. system (Dept. of Energy fact sheet). But depleting the reserve is only a short term solution and supplies that are drawn down would have to be replaced at much higher cost.

Keystone Pipeline 1.29 Million Barrels of Oil Per Day. Every Day for Decades!

A more effective long term solution would be to approve the Keystone XL Pipeline [fact sheet] which at peak capacity can provide 1.29 million barrels of oil per day. Bringing that supply into the U.S. from Canada would alleviate any short term market disruptions and help to ease pressure on higher prices. And unlike a short term release from the reserve, Keystone is a pipeline that would operate for decades.

But instead of supporting the pipeline Obama has gone out of his way to stall approval with an eye towards appeasing hard left environmentalist supporters.

A short term release from the Strategic Reserve won't do anything to tackle the long term problem of rising energy prices. What's needed is a REAL "all of the above" plan, not more of Obama's political posturing and half measures!

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